Abu Dhabi – Mubasher: The net profits of ADNOC Logistics & Services (ADNOC L&S) hit $307 million during the first half (H1) of 2023, up 327% year-on-year (YoY) from $72 million.
The revenues surged by 62% to $1.22 billion in January-June 2023 from $756 million in H1-22, according to the income statements.
Financial Results for Q2-23
The ADX-listed firm posted $162 million in net profit during the second quarter (Q2) of 2023, higher by 189% than $56 million as of 30 June 2022.
Revenues amounted to $632 million in Q2-23, an annual leap of 43% from $443 million in Q2-22.
On a quarterly basis, the Q2-23 net profits increased by 12% from nearly $145 million in Q1-23, while the revenues grew by 7% from $592 million.
Abdulkareem Al Masabi, CEO of ADNOC L&S, commented: “Following our record-breaking IPO, ADNOC L&S has delivered exceptionally strong financial results for H1-23 with a 327% growth in net profit over the same period from last year.”
“This impressive performance is driven by our responsible plans to expand our asset and customer base, decarbonize our operations and enter new verticals in a timely manner, while strategically positioning ADNOC L&S to capitalise on ADNOC’s ambitious growth strategy,” Al Masabi stated.
He concluded: “As part of our smart growth strategy, we remain focused on extending our geographical footprint, exploring new revenue streams, and unlocking further value for our shareholders.”
